As the momentum of the cryptocurrency bull market strengthens, the Solana network shows potential for growth exceeding the Ethereum blockchain next year. As it surpasses Ethereum in DEX trading volume and other DeFi metrics, Solana-based meme tokens are poised for a breakout.
Dogecoin (DOGE)
After the announcement of the U.S. election results, the price of Dogecoin broke out of its range and surged significantly, surpassing the key resistance level of $0.2. A large influx of buying volume pushed the price above bearish levels. Although market participants believe bulls may remain calm, they have begun to expand, aiming to break through key ranges over the weekend.
In the past 4 days, this currency pair has risen nearly 28% and is forming a V-shaped rebound, breaking through the 23.60% Fibonacci level of $0.0000217, surpassing the psychological barrier of $0.000020.
With two massive bullish engulfing candles, it is currently retesting the 23.60% level breakout in a morning star formation. A reversal after retesting could surpass the resistance trend line and reach the 50% level of $0.00002845.
With the increasing possibility of a sustained rise, after breaking through $0.000025, the price of this meme coin could rise to a level of 78.60% at $0.00003568. The MACD indicator shows a bullish crossover, supporting a bullish trend. Meanwhile, the 50-day and 200-day simple moving averages are moving towards a bullish crossover.
MEW
In the daily chart, the MEW token shows a reversal after retesting the 100% Fibonacci level of $0.000738. The V-shaped recovery accounts for three consecutive bullish candles, leading to a nearly 28% increase in the meme token's price.
However, due to the MEW coin's difficulty in regaining the psychological barrier of $0.0010, the bull market abruptly ended with a 3.58% intraday pullback. Following a possible reversal after a retest, the MEW coin may exceed its historical high of $0.00167, challenging the price target of $0.0014.
Due to an intraday pullback, the MACD and signal line are unable to provide a bullish crossover. However, the 50-day simple moving average continues to act as dynamic support.
Dog Hat (WIF)
Similar to other Solana-based meme tokens, the WIF token is also showing a V-shaped reversal. The bullish trend surpasses the 200-day and 50-day EMA, challenging the 38.20% level at a price of $2.52.
Due to a 1.58% intraday pullback, this meme coin is forming a morning star pattern and facing resistance at the psychological barrier of $2.50. Despite the intraday pullback, the rebound and the current breakout trend have led to a golden crossover between the 50-day and 200-day simple moving averages.
Furthermore, the MACD indicator is about to show a bullish crossover. Thus, a breakout of the WIF price above the $2.52 mark will drive a breakout rally to $3. With this change in nature, the potential price targets for WIF will be $3.86 and $4.58.
